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Memphis

Mayor Young Updated Memphis Development Projects

The city is navigating financing hurdles for major redevelopment sites and the ongoing Memphis Grizzlies lease talks.

Updated on Oct. 6, 2026 in Remote Work

Isometric editorial illustration of a historic urban building facade with scaffolding and steel beams, representing city infrastructure and development.
Memphis Mayor Paul Young is leading city efforts to address financing gaps for the 100 N. Main building redevelopment and ongoing lease negotiations for the FedExForum. AI Illustration. Upload story photo >

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Memphis Mayor Paul Young provided updates regarding city development initiatives and lease negotiations with the Memphis Grizzlies. Officials are currently working to bridge financing gaps for prominent downtown projects.

Why it matters

Managing high-profile infrastructure projects and local sports leases is critical to downtown revitalization efforts. Addressing financing gaps ensures that stalled assets like vacant buildings can be repurposed for economic growth.

The city of Memphis invested $22 million to purchase the Sheraton Memphis Downtown hotel and contributed $10 million in capital costs toward the 100 N. Main project. The specific plan to bridge the 100 N. Main financing gap remains under development.

The players

Paul Young

He is the Mayor of Memphis, currently overseeing multiple major downtown infrastructure and redevelopment projects.

Memphis Grizzlies

This is a professional basketball team in the NBA that plays its home games at the FedExForum.

The details

City officials are actively seeking creative solutions to resolve funding shortfalls for the redevelopment of the 100 N. Main Street building, which has been vacant since 2014. Meanwhile, the administration is working to finalize lease details with the Memphis Grizzlies to secure the future of the franchise at the FedExForum.

Timeline

  1. The 100 N. Main Street building first opened in 1965.

  2. The 100 N. Main Street structure has been fully vacant since 2014.

  3. The city purchased the Sheraton Memphis Downtown hotel in November 2025.

  4. Mayor Young held a media availability on October 5, 2026.

  5. Renovations at the Sheraton hotel could finish by the start of 2029.

Market Landscape

This effort follows a pattern set by the financing gap challenges common in urban commercial real estate development. The city's intervention reflects a broader move to consolidate municipal control over key downtown assets to ensure long-term viability.

These projects directly affect the local downtown landscape, potentially shifting property values and accessibility for residents and business owners. Successful completion of the hotel and office renovations may increase downtown foot traffic and local services in the coming years.

The takeaway

Large-scale urban redevelopment projects often face extended timelines due to complex financing requirements. City residents should expect prolonged periods of development as officials work to secure funding for historic properties and sports facilities.

What happens next

The mayor will receive an update regarding the 100 N. Main financing in the coming weeks, and a formal financing plan for the Sheraton Memphis Downtown is anticipated by late 2026 or early 2027.

Further reading

For more on the city's approach to office and commercial space, visit Remote Work.

Source note: This article includes information reported by The Commercial Appeal.

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Should your city use taxpayer money to help fund the development of local private properties?